Kennedy Family Trust Foreclosing on Homes
Date: Sat, 10/24/2009 - 08:59
I was doing some research on a Mortgage Backed Securities Trust and just freaked myself out.
The Term of the Trust detailed below indicates that "in no event shall the Trust Fund created hereby continue beyond the expiration of 21 years from the death of the last survivor of the descendants of Joseph P. Kennedy, the late Ambassador of the United States to the Court of St. James???s"
I do not know if anyone is having mortgage problems, but Aurora Loan is a bottom feeder that was created from the Lehman Brothers meltdown.
Why the HELL would the term of this trust be pegged to the lives of the living descendants of Joseph Kennedy unless the Kennedy family were benefiting directly from the securitization of adjustable rate mortgages that are now causing people to lose their homes?
STRUCTURED ASSET SECURITIES CORPORATION,
as Depositor,
AURORA LOAN SERVICES LLC,
as Master Servicer,
and
U.S. BANK NATIONAL ASSOCIATION,
as Trustee
____________________________
TRUST AGREEMENT
Dated as of April 1, 2007
____________________________
GREENPOINT MORTGAGE FUNDING TRUST
MORTGAGE PASS-THROUGH CERTIFICATES
SERIES 2007-AR2
Section 7.01. Purchase of Mortgage Loans; Termination of the Trust Fund Upon Purchase or Liquidation of Mortgage Loans.
(a) The respective obligations and responsibilities of the Trustee and the Master Servicer created hereby (other than the obligation of the Trustee to make payments to Certificate holders and the Swap Counterparty as set forth in Section 7.02, the obligation of the Master Servicer to make a final remittance to the Trustee pursuant to Section 4.01, and the obligations of the Master Servicer to the Trustee pursuant to Sections 9.10 and 9.14) shall terminate on the earliest of (i) the final payment or other liquidation of the last Mortgage Loan remaining in the Trust Fund and the disposition of all REO Property, (ii) the sale of the property held by the Trust Fund in accordance with Section 7.01(b) and (iii) the Latest Possible Maturity Date; provided, however, that in no event shall the Trust Fund created hereby continue beyond the expiration of 21 years from the death of the last survivor of the descendants of Joseph P. Kennedy, the late Ambassador of the United States to the Court of St. James???s, living on the date hereof. Any termination of the Trust Fund shall be carried out in such a manner so that the termination of each REMIC included therein shall qualify as a ???qualified liquidation??? under the REMIC Provisions.
The Term of the Trust detailed below indicates that "in no event shall the Trust Fund created hereby continue beyond the expiration of 21 years from the death of the last survivor of the descendants of Joseph P. Kennedy, the late Ambassador of the United States to the Court of St. James???s"
I do not know if anyone is having mortgage problems, but Aurora Loan is a bottom feeder that was created from the Lehman Brothers meltdown.
Why the HELL would the term of this trust be pegged to the lives of the living descendants of Joseph Kennedy unless the Kennedy family were benefiting directly from the securitization of adjustable rate mortgages that are now causing people to lose their homes?
STRUCTURED ASSET SECURITIES CORPORATION,
as Depositor,
AURORA LOAN SERVICES LLC,
as Master Servicer,
and
U.S. BANK NATIONAL ASSOCIATION,
as Trustee
____________________________
TRUST AGREEMENT
Dated as of April 1, 2007
____________________________
GREENPOINT MORTGAGE FUNDING TRUST
MORTGAGE PASS-THROUGH CERTIFICATES
SERIES 2007-AR2
Section 7.01. Purchase of Mortgage Loans; Termination of the Trust Fund Upon Purchase or Liquidation of Mortgage Loans.
(a) The respective obligations and responsibilities of the Trustee and the Master Servicer created hereby (other than the obligation of the Trustee to make payments to Certificate holders and the Swap Counterparty as set forth in Section 7.02, the obligation of the Master Servicer to make a final remittance to the Trustee pursuant to Section 4.01, and the obligations of the Master Servicer to the Trustee pursuant to Sections 9.10 and 9.14) shall terminate on the earliest of (i) the final payment or other liquidation of the last Mortgage Loan remaining in the Trust Fund and the disposition of all REO Property, (ii) the sale of the property held by the Trust Fund in accordance with Section 7.01(b) and (iii) the Latest Possible Maturity Date; provided, however, that in no event shall the Trust Fund created hereby continue beyond the expiration of 21 years from the death of the last survivor of the descendants of Joseph P. Kennedy, the late Ambassador of the United States to the Court of St. James???s, living on the date hereof. Any termination of the Trust Fund shall be carried out in such a manner so that the termination of each REMIC included therein shall qualify as a ???qualified liquidation??? under the REMIC Provisions.